UPTOWN — Real estate mogul Jay Michael has acquired a 101-year-old industrial building in the Argyle Street area, next to Sun Wah, one of Uptown's most popular restaurants.
Cedar Street recently bought the building at 5035 N. Broadway from Imperial Real Estate for $1 million, said a Cedar Street spokesman. The five-story building is now a part of the Flats brand. It sits adjacent to Sun Wah Bar-B-Que, an acclaimed Hong Kong-style barbecue joint.
Michael wasn't reachable for comment on the acquisition.
Ald. Harry Osterman (48th) said at a recent town hall meeting where he announced the sale that Michael hadn't yet determined how to use the building.
"He's trying to figure out what to do with that," Osterman said.
A sign on the gate of the parking lot next to the building says Flats is looking for an "inspired retail tenant."
Flats' other Uptown holdings include several buildings that used to house single room occupancy apartment units and are currently undergoing renovation; a former Salvation Army building that was turned into office and retail space; and a former bank building that used to be a vaudeville theater, which Michael said could be reborn as both an entertainment venue and restaurant.
Benjamin Woodard contributed to this report.